Medicare is more than just an insurance policy. It’s four insurance policies – each of which has unique coverage. Medicare exists as Part A, Part B, Part C, and Part D.
What Is Medicare Part A?
Medicare Part A provides inpatient coverage. It applies to hospitals, skilled nursing facilities, hospice, home health care, and nursing home care.
When admitted as an inpatient, you’ll pay a $1.556 deductible before coverage begins. You’ll pay nothing in coinsurance for the first 60 days. If you stay in the hospital between 61 and 90 days, you’ll have to pay a $389 daily coinsurance, and $778 per day from days 91 to 150. If you stay beyond 150 days, you’ll have to cover all expenses.
What Is Medicare Part B?
Part B covers outpatient services. Screenings, immunizations, ambulance services, and durable medical equipment (e.g. blood glucose monitoring devices) are examples.
Coverage starts when you pay the $233 annual deductible. Part B covers 80% of the Medicare-approved amount for your outpatient services.
Part B is an integral piece of other aspects of Medicare. You have to have it in order to get a Medicare Supplement Plan, or if you want to enroll in Part C.
What Is Medicare Part C?
Part C is also known as Medicare Advantage. This is an all-in-one Medicare plan, because it includes inpatient and outpatient coverage, with some plans also providing prescription coverage. It also has dental, vision, and hearing coverage, which are missing from other Medicare plans. However, Part C requires being enrolled in Part A and Part B.
Part C comes from private insurance. Its coverage is often limited to a network. There are multiple variations of this, including Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), and Dual Eligible Special Needs Plans (D-SNP).
Part C must be the only form of health coverage you have. You cannot carry other health insurance, such as that from an employer. You also cannot have a supplement plan in addition to this.
What Is Medicare Part D?
Part D is Medicare’s prescription medication coverage and is issued through private insurance. Different plans have their own rates and list of medications they provide coverage for. Your plan will work to make your medications as affordable as possible. If your medication isn’t on the list of medications covered, your plan will try to help you find a similar one.
Which Is Right For Me?
Medicare is not an ultimatum. As a policyholder, you are able to have all four Parts. When you do this, you get coverage no matter where your care takes place, and you’ll be able to save more on healthcare expenses than you did previously. In this way, you’ll be covered no matter what.
Find Out More About Medicare Today!
At Secure Insurance Group, we’ll make sure you get the best that Medicare has to offer and work with you to find the plan that is best suited for you. Call us today at (417) 883-9300, or our toll-free line at 1-877-871-7328.